SUIJPY Slumps Below 153.0 as Bearish Bias Confirmed

Summary
• SUIJPY formed a bearish engulfing pattern near 159.71 before retreating to 155.24.
• Momentum slowed significantly after 06:00 ET, with RSI signaling potential oversold conditions.
• Volatility expanded mid-night, with volume spiking during the drop to 152.92.
• Price tested the 153.0–155.0 consolidation range three times, with mixed follow-through.
• Bollinger Bands widened overnight, suggesting a potential breakout or choppy range continuation.

Market Overview

At 12:00 ET on 2026-02-07, SUIJPY opened at 159.72, reached a high of 161.72, and a low of 152.92, closing at 153.39. Total 24-hour volume was 328,982.58 and turnover amounted to 53,760,185.04.

Structure & Formations

Price formed a bearish engulfing pattern near the 159.71 level before reversing lower, followed by a series of lower highs and lower closes. A doji formed at 158.47 near 05:45 ET, indicating indecision. Key support levels emerged at 153.0 and 152.92, while resistance remained at 155.24 and 156.86.

Moving Averages

On the 5-minute chart, the 20- and 50-period moving averages trended lower after mid-night, confirming the bearish bias. The daily chart suggests the 50-period MA at ~157.4 and the 200-period MA at ~159.6 as key potential resistance levels for the near term.

MACD & RSI

The MACD turned negative after 03:30 ET, with bearish divergence between price and momentum. RSI hit oversold territory in the early morning hours, but without strong follow-through, suggesting a potential continuation of the downtrend rather than a reversal.

Bollinger Bands

Bollinger Bands widened significantly during the overnight drop, indicating increased volatility. Price traded well below the lower band for several hours, reinforcing the bearish bias. A contraction in the bands may signal a potential turning point if volume responds.

Volume & Turnover

Volume surged during the drop to 152.92, with a 21,254.07 volume spike on the 07:15 ET candle. Turnover also spiked during this period, confirming the strength of the bearish move. However, volume remained muted in the morning consolidation, suggesting reduced conviction in the rally.

Fibonacci Retracements

The 5-minute chart shows price retesting the 61.8% Fibonacci level of the 158.03–159.71 move, currently at ~158.2. On the daily chart, the 38.2% and 61.8% retracements of the recent 152.92–159.71 swing are at ~156.5 and ~154.3 respectively, forming potential key levels for the next 24 hours.

SUIJPY appears to be consolidating near the 153.0–155.0 range with a bearish bias, but oversold RSI and prior support levels may offer limited near-term buying interest. Traders should watch for a breakout above 155.24 or a breakdown below 152.92, with caution for increased volatility and mixed momentum signals ahead.